UPDATE: BMO Capital Starts ServiceNow (NOW) at Market Perform

September 20, 2016 7:34 AM EDT
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Price: $83.40 +0.85%

Rating Summary:
    29 Buy, 9 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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(Updated - September 20, 2016 8:51 AM EDT)

BMO Capital initiated coverage on ServiceNow (NYSE: NOW) with a Market Perform rating and a price target of $85. Analyst Keith Bachman sees challenges.

"We believe that ServiceNow will have challenges sustaining growth in the IT service management (ITSM) market due to the small market size and increasing competition. In contrast, we believe ServiceNow will generate solid growth in new product areas and leverage its existing customer relationships to grow revenue per customer. However, since we think ITSM likely represents around 75% of subscription revenues, we choose to sit on the sidelines," said the analyst.

For an analyst ratings summary and ratings history on ServiceNow click here. For more ratings news on ServiceNow click here.

Shares of ServiceNow closed at $75.99 yesterday.

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